BSM 100 Lecture Notes - Lecture 1: Richard Branson, Malaria Vaccine, Smart People

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7/27/16
BSM 100
Greatest entrepreneurs of all time:
Jeff Bazos
(Amazon)
Steve Jobs
(Apple)
Richard Branson
(If you want to do something, do it)
Oprah Winfrey
(Woman of colour, creates and con-
trols a self made empire)
Bill Gates
(Malaria vaccine, microsoft)
Martha Stewart
(First self made woman billionaire in
North America
Chapter 1:
Change is the only constant
Products and services-
-Increase and become more useful over time
-They become more accessible (methods of delivery, affordability)
-Different groups of the market, with different needs- not all size fits all…
and they begin to cater to these groups
-The pyramid- money to be made at the top, but also at the bottom- try-
ing to access people at the bottom too, by being more innovative
Buyer market-
-3 year olds have iPads in the modern day
-Social media- people will voice what they want, ex. people have a bad
experience on an aircraft, immediate complaint on twitter, spreads, and
change is made to better buyer experience
-They are gaps being created in the market for entrepreneurs of all types,
not just the big guys, but the new guys (new guys are important, creates
competition, inspires others, creates a ripple effect- forces everyone else
to be more efficient)
Physical market (place where we buy)-
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7/27/16
-Online purchases (can be more global, purchases from other countries,
spread of products)
-Buying of things that aren’t necessarily tangible (video games, apps)
Advertising in marketing
-On buses, billboards, online advertisements; things that have changed
the market, new
Imitator and innovators
-Are imitators innovators? Yes
-You cannot just adapt, you have to make it better than the previous form
(sometimes more simplistic, appealing to a different group, rather than
complicated products and services)
-Mature, match with new- familiar to what they already know, appeal
Business Basics
Business - any activity that provides goods and services in an effort to earn a
profit
Includes non-profit organizations, focus on causes, not profit
-Important, evaluation of their success
-Creation of jobs
-How they collect funds, how they deliver and collect revenue
-Provide services that cannot be done well as profit organizations
-If not for innovations, other non-profits would take their place
-Focus on health, human services, etc.
Entrepreneurs- people who dream, risk time, money, and other resources to start
managing a business. Business drives up the standard of living, which in turn
contributes to the quality of life.
-Entrepreneurs do not take risks, they research in order to understand
what they are getting into
-Nature vs. Nurture
-Natural instinct? Environment?
-Nurture comes more from society
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